U.S. GAAP and International Financial Reporting Standards havelargely similar guidance for accounting for business combinations.Under IFRS, the guidance is established in IFRS 3R, BusinessCombinations. One topic on which U.S. and IFRS differ is withrespect to reporting noncontrolling interest for noncontrollinginterest in consolidated financial statements.
Required
Briefly, i.e. no more than 3 paragraphs, explain the differencebetween IFRS and U.S. GAAP regarding valuation of noncontrollinginterest in a consolidated financial statement.
